The Year in Review. How Markets Performed in 2025

The Dow Jones Precious Metals Index had surged 139.47% YTD by December 4, 2025. Key reasons for the uptick included the uncertainty surrounding trade policies, central bank interest rates, and rising demand. But uncertainty does not impact all markets equally. The global financial markets are a complex ecosystem that responds to diverse factors, such as economic data, geopolitical developments, and corporate earnings. Identifying the biggest gainers and losers over a given period provides a snapshot of the prevailing investor sentiment and sector rotation strategies. Here’s an account of the biggest gainers and losers of 2025.

Stock Indices

Stock indices are the barometers of an economy or industry sector.

Gainers

KOSPI (South Korea): The index rose by a whopping 68.25% between January 1, 2025, and December 4, 2025. The world’s best-performing index of 2025 rose due to growing investor confidence in the rapidly evolving, innovation-driven AI sector of the country.

NIKKEI 255 (Japan): The benchmark index of the Land of the Rising Sun surged after the $550 billion US-Japan deal, pushing its year-to-date gains to about 27% by December 4.

Nasdaq 100 (US): The technology-heavy index surged over 21% in the first 11 months of 2025. The mega-cap cluster, Magnificent 7, was largely responsible for the index’s outperformance. 

DE 40 (Germany): The benchmark of the Eurozone’s largest economy rose 18.48% YTD by December 4, 2025. This signals a bullish sentiment towards manufacturing resilience.

Losers

SENSEX (India): The benchmark index of one of the world’s fastest-growing economies in 2025 remained one of the lowest gainers in the first 11 months of the year. Domestic challenges and foreign withdrawals kept the benchmark’s growth below 9%.

Forex

The differential between the existing and future interest rates of competing central banks determines the exchange rate of a currency. The performance of currencies is always measured relative to another currency, commonly the US dollar (USD).

Gainers

Russian Ruble (RUB): Backed by double-digit interest rates and a strong trade balance, RUB surged nearly 45% against the greenback.

Brazilian Real (BRL): BRL/USD climbed nearly 17% year-to-date by the first week of December 2025. An improvement in market sentiment, after the 2024 selloff, and high real yields led the currency’s outperformance. 

Mexican Peso (MXN), Euro (EUR), and Swiss Franc (CHF) all surged in the range of 12% to 13% against the USD in the first 11 months of 2025. 

Losers

US Dollar (USD): DXY, the index that measures the greenback against a basket of major currencies, declined 8.84% year-to-date by the first week of December 2025. This emphasised investors’ lack of confidence in the White House’s policies.

Turkish Lira (TRY): The Lira declined by over 16% from January 2025 to December 2025. This was due to ongoing structural issues, high domestic inflation, and reliance on an unorthodox monetary policy.

The biggest global loser was the Venezuelan Bolívar (VES), with an over 247% decline YTD by December 4, 2025. Triple-digit inflation in the country and massive sanctions weighed on the currency.

Cryptocurrencies

While cryptos started the year on a high, the sentiment reversed in the fourth quarter. Long-time HODLers chose to take profits, while the uncertainty around the Fed’s interest rate policy and a tight liquidity environment weighed on the asset class’s overall performance. 

Bitcoin (BTC): Bitcoin price, after reaching an all-time high of $126,080.00 in October, took a U-turn. By December 4, 2025, it had declined 14.30% year-to-date to trade just above $91,000. BTC’s performance usually indicates overall crypto sentiment. While not a gainer, Bitcoin remains the lowest loser in the crypto market.

Ethereum (ETH): The next most popular cryptocurrency declined nearly 21.35% in the first 11 months of 2025.

Commodities

Commodities are highly sensitive to shifts in supply chain stability, weather patterns, and geopolitical risk.

Gainers

Precious Metals – Gold (XAU), Silver (XAG): In 2025, gold, silver, and copper are poised to reach new heights together after 45 years. While silver surged 88.75%, gold prices were up 59.42% YTD by December 4, 2025. Gold prices surged due to market uncertainty and safe-haven demand. Silver had a fifth consecutive year of structural deficit, while its industrial demand from the EV and PV sectors continued to grow.

Losers

Crude Oil (Brent): Brent shed about 16.2% of its price year-to-date by December 4, 2025. Combined supply surge by the US and OPEC+ countries, while the demand growth remained low, weighed on oil prices. At the time of writing, oil prices appear to be on track to register a year of largest decline. 

The financial markets are highly sensitive to a variety of forces. For instance, Andrew Meleney, of Infrastructure Capital Advisors, says, “The most underappreciated concept is elasticity of demand for oil.” While low oil prices encourage stockpiling by non-producing nations, declining indices create opportunities for sellers as well as those waiting for a pullback to find a suitable entry point. Equipping yourself with the knowledge and skills to trade derivative instruments, such as contracts for difference (CFDs), can help you explore opportunities in both rising and falling markets.

To Sum Up

• The performance of stock indices was driven by technological optimism and a favourable interest rate environment.
• Globally, currencies had a mixed year, with the USD declining significantly, while the RUB was the highest gainer.
• Commodities had a mixed year, with precious metals surging to record highs and energy prices remaining under pressure.
• Cryptocurrencies started the year on a high note but rapidly declined after the third quarter. 

Disclaimer:

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